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Arctic Oil Drilling: Outcry As Norway Opens New Areas To Exploration

Norway awarded Arctic drilling licences to 13 oil companies on Wednesday, together with residential heating oil prices in a hitherto unexplored a part of the Barents Sea, drawing condemnation from environmental groups.

Licence to drill: Centrica awarded rights to explore Barents Sea
It is the first time since 1994 the nation has opened a new sector to the acetylene gas tank oil business. Norway’s output has halved since 2000 and a collapse in crude prices has slashed state revenues.

Three of the 10 licences, which encompass forty blocks in complete, are in the rapid neighborhood of the maritime border with Russia, in an area the two nations lengthy disputed before an accord was concluded in 2010.

The drilling rights to two of them have been awarded to state oil large Statoil, including one residential heating oil prices which covers the most northern block ever opened to oil exploration in Norway.

The third went to a different Norwegian group, Det Norske, with Russia’s Lukoil taking a significant stake.
Petroleum and power minister Tord Lien mentioned in statement: “Today, we are opening a brand new chapter in the historical past of the Norwegian petroleum industry.”

“For the primary time in 20 years, we provide new acreage for exploration. It will contribute to employment, progress and value creation in Norway.